Friday, 30 January 2015
Thursday, 29 January 2015
Drilling permit for well 7220/11-2 in production licence 609The Norwegian Petroleum Directorate has granted Lundin Norway AS a drilling permit for well 7220/11-2, cf. Section 8 of the Resource Management Regulations.
Well 7220/11-2 will be drilled from the Island Innovator drilling facility in position 72°00`37.56" north and 20°26´09.12" east.
The drilling programme for well 7220/11-2 relates to the drilling of an appraisal well in production licence 609. Lundin Norway AS is the operator with a 40% ownership interest, and the licensees are Idemitsu Petroleum Norge AS with 30% and RWE Dea Norge AS AS with 30%.
The production licence consists of the blocks/parts of blocks 7220/6, 7220/9, 7220/11, 7220/12 and 7221/4. The production licence was awarded in the 21st licensing round in 2011.
Wildcat well 7220/11-2 will be the second exploration well in production licence 609.
The permit is contingent upon the operator having secured all other permits and consents required by other authorities before the drilling starts.
Wednesday, 28 January 2015
Tata Steel celebrates supplying one million tonnes of pipeline for North Sea oil and gas projects- 28/01/2015
Tata Steel celebrates supplying one million tonnes of pipeline for North Sea oil and gas projects
Tata Steel, Europe’s second largest steel producer, has celebrated the supply of one million tonnes of pipeline for oil and gas projects in the North Sea.
Henrik Adam, chief commercial officer of Tata Steel in Europe, gave the opening address at a special event in Aberdeen, UK, in which he highlighted the company’s key achievements in the North Sea – including 88 projects completed in conjunction with 28 customers.
The event included presentations from Tata Steel representatives and guest speakers – including Subsea 7, Wood Group Kenny and Shell UK – who examined the challenges facing North Sea operators.
Richard Broughton, commercial manager of Tata Steel exploration and production, said: “Tata Steel has been providing solutions to the North Sea market for more than 21 years, culminating in one million tonnes and four million metres of welded pipe. In excess of half a million metres has been installed using reel lay construction methods. Over this period we are also proud to have invested over a quarter of a billion pounds in subcontracts for North Sea projects.”
“It was fantastic to celebrate these achievements with our valued customers and partners in Aberdeen and also introduce our latest welded Subsea, Umbilicals, Risers and Flowlines (SURF) offering.”
The latest solution from Tata Steel offers superior dimensional control in comparison to traditional seamless pipe. The innovation also provides a number of key benefits including reduced structural integrity risk and faster installation time, which results in a more cost effective product.
Speakers from Subsea 7, Wood Group Kenny and Shell also took the opportunity to discuss how they have successfully collaborated with Tata Steel in the last 21 years. Clients emphasised the cost effective, and fit for purpose solutions that have been developed through long standing relationships with many companies working in the North Sea.
Mr Broughton added, “Tata Steel is continuously looking to improve our solutions in response to our clients needs, today has been all about our customers and finding out how we can continue to make their North Sea projects a success in the years to come.”
Tuesday, 27 January 2015
Decomworld Free Webinar: Decommissioning in a Low Oil Price Environment
There's no escaping the fact that with oil price at its current rate, the rise in non-economic offshore facilities will bring forward the opportunity for decommissioning. As such, I thought you’d want to join a first of a kind public webinar which is set to tackle the opportunities and challenges associated with this trend.
Sign up to the free webinar here to make sure you’re part of this leading decommissioning debate taking place at 10am-11am CST on Wednesday 4 February: http://bit.ly/decom-webinar
This exclusive and interactive webinar will provide you with:
• Insight from decommissioning industry expert Brian Twomey on the impact low oil prices will have on the decommissioning value chain in 2015
• Up to the minute progress shared on the industry's subsea decommissioning study to see how operators in the Gulf of Mexico are driving best practice for subsea P&A
• Q&A and live polling with industry leaders to assess the operator decommissioning challenges faced in light of low oil prices
Don’t worry if you can’t listen live – sign up anyway and we’ll send you the recording after!
Monday, 26 January 2015
Gazprom Marketing & Trading Singapore and Yamal Trade sign long-term contract for LNG supply - 27/01/2015
Gazprom Marketing & Trading Singapore and Yamal Trade sign long-term contract for LNG supplyGazprom Marketing & Trading Singapore, company of Gazprom Group and Yamal Trade signed a long-term sales and purchase contract for liquefied natural gas (LNG) from the Yamal LNG project.
The contract that will be effective for over 20 years provides for the annual supply of 2.9 million tons of LNG that will be delivered to the Asia-Pacific markets, mostly to India. The contract price will be determined using the formula with oil indexation.
Wednesday, 21 January 2015
Major Johan Sverdrup contract award
On behalf of the Johan Sverdrup partnership Statoil will today sign a detail engineering contract for the Johan Sverdrup development with Aker Solutions.
Worth NOK 4.5 billion the contract includes engineering and procurement management (EPma) until the scheduled production start in 2019.
The contract includes engineering and procurement management for the riser and processing platform topsides for the Johan Sverdrup field, phase one, in addition to hook-up work and gangways for the entire field.
Aker Solutions has so far been responsible for the front-end engineering of all four platforms that constitute the field centre, a contract signed at the end of 2013.
“In light of the Johan Sverdrup project’s ambitious progress plan having competent cooperation partners that share our goals is essential. Through the front-end engineering phase several hundred Statoil employees have been stationed at Aker Solutions. Together we have formed the basis for a seamless transition to detail engineering which will ensure a cost-effective progress plan,” says Arne Sigve Nylund, Statoil’s executive vice president for Development and Production Norway.
“The Johan Sverdrup field development is of great importance, not just to Statoil and our partners, but also to the supply industry and society. At plateau, the production from this field will account for 25% of the combined production on the Norwegian continental shelf. Although the prospects for the future of the field are very good maintaining the right focus on costs both in the construction and operations phase is essential,” Nylund concludes.
“Targeted efforts have been made to cut costs and improve the efficiency of the deliveries. We are therefore pleased to see that Norwegian suppliers are competitive and that we can sign this contract with Aker Solutions. They have started their own improvement work and their deliveries on our integrated cooperation at Sverdrup are progressing well. This is an important contract for the project, and our expectations for the implementation are high”, says Margareth Øvrum, Statoil’s executive vice president for Technology, Projects and Drilling.
“As the EPma supplier Aker Solutions gets a key role in the Johan Sverdrup project, and is thus an important contributor to a successful project. We look forward to a close and good partnership,” she ends.
This contract award is conditional on an investment decision for the Johan Sverdrup development in February 2015, and is subject to the approval of the Plan for Development and Operation for the field in Parliament in 2015.
A press conference will be held in room 705 Rica Park Hotel in Sandefjord at 8:45 today.
Tuesday, 20 January 2015
Virtus Oil and Gas Provides Operations Update for Initial WellVirtus Oil and Gas Corporation (OTCBB: VOIL) ("Virtus" or the "Company") today announced the completion of its required onsite well staking for the first #1 well pad and ancillary facilities.
A Notice of Staking (NOS) has been sent to Bureau of Land Management (BLM) which serves as the Company's request to schedule an on-site inspection. Upon completion of the on-site inspection, last Wednesday January 14, 2015, Virtus can now submit its Application for Permit to Drill (APD) to Utah's Cedar City District Field Office of the BLM.
Concurrently, Virtus is in the process of establishing its Federal Unit, which covers approximately 25,000 net acres within the Parowan Prospect. Federal Units allow operators such as Virtus the ability to explore large acreage blocks, operate the area as a single leasehold, and extend lease terms on the acreage for an additional five years. The Parowan Federal Unit will have a single well drilling commitment within six months of the unit being approved.
Virtus Lone Pine #1 Well
The Virtus Lone Pine# 1 well (Named after the single Pine tree situated at this location), is the Company's first exploration well on the Parowan Prospect. The well will be drilled to a total vertical depth of approximately 7,000 feet to test Jurassic age Navajo Sandstone and the Permian age Kaibab Limestone. Additional secondary targets with intervals both shallower and deeper show potential for future exploration. The primary prospect is a large anticline that is created by the thrust fault system in the area. The Lone Tree #1 is a traditional vertical well that will not require a hydraulic fracturing completion process.
Rupert Ireland, CEO of Virtus, commented, "The staking and survey process of our first well, and onsite BLM inspections are needed before we can submit our APD to the state. All of the steps taken over the past twelve months including the acquisition of 18,000 additional acres in June 2014, reinterpretation of the 2D seismic completed in October 2014, and the updated resource evaluation report from Gustavson associates in November 2014, give us confidence as we move closer to drilling our first well."
Johan Sverdrup jacket contract awardOn behalf of the Johan Sverdrup licence partners, Statoil is today awarding a contract to Kværner Verdal for delivery of the riser platform jacket for the Johan Sverdrup field.
Scheduled for delivery in the summer of 2017, the jacket's contract value is close to NOK 2.0 billion.
The contract is an execution of parts of the letter of intent which Statoil entered into with Kværner in 2014 for delivery of two of the four jackets for the Johan Sverdrup field development.
"The Johan Sverdrup field is one of the biggest discoveries on the Norwegian continental shelf (NCS) and will be a building block for Norwegian industry and value creation throughout the field’s life."
"Statoil has prepared an ambitious plan for development and operation, with scheduled start-up in 2019. The contract with Kværner Verdal represents a significant step towards realising our high Johan Sverdrup ambitions,” says Arne Sigve Nylund, executive vice president for Development and Production Norway in Statoil.
"We are very pleased with the contract we have signed with Kværner. We cooperate closely with the company through the framework agreement. During the engineering period that started last summer Kværner has demonstrated its competitiveness in an international market. Statoil’s task is to deliver safe and efficient use of resources, and we are pleased to see that Kværner contributes in this regard through a competitive and future-oriented delivery model," says Margaret Øvrum, executive vice president for Technology, Projects and Drilling in Statoil.
The first phase of the field development consists of four installations and jackets and comprises an accommodation platform, a drilling platform, a riser platform and a processing platform.
On plateau, the field production will constitute 25% of the total NCS production. Statoil’s ambition is to recover 70% of the reserves from a 50-year perspective.
This contract award is contingent on an investment decision for the Johan Sverdrup development scheduled for February 2015, and is subject to the Storting’s (the Norwegian parliament’s) approval of the plan for development and operation (PDO).
A press conference will be held at 11.00 in Rica Park Hotell Sandefjord.
Kværner ASA: Milestone contract signing for first Sverdrup substructure
Kvaerner has today signed the final contract for delivery of the steel jacket substructure for the riser platform at the Johan Sverdrup field. Since the letter of intent for the delivery was signed in June 2014, Kvaerner has detailed out and confirmed a range of improvements to cost levels and productivity which will be implemented in the project execution. For Kvaerner, the contract signing marks a milestone for the company's strategy to increase its competitive power.
At 26 June 2014, Kvaerner signed a frame agreement for delivery of a non-specified number of steel jacket substructures to future Statoil projects. A letter of intent for one steel jacket for the riser platform and one for the drilling platform at Johan Sverdrup was agreed simultaneously. Today's contract value for the riser platform jacket is close to NOK 2 billion.
- When we today move from a letter of intent to a signed contract, is truly a milestone in several respects. It documents that Kvaerner over the last six months has confirmed the effect of cost reductions and our improved competitive power.
Johan Sverdrup is the largest industrial projects in Norway for decades. Hence, it will provide a wide range of important contract opportunities for the entire industry for many years ahead. This is an important contribution to bridging a period when the sector experiences reduced activity level for other projects, says Jan Arve Haugan, Kvaerner's President & CEO.
The new contract reinforces Kvaerner's position as the market leader for large steel jacket substructures to the North Sea region. The riser platform is scheduled to be delivered in the summer of 2017. The engineering for the new jacket has started at Kvaerner's offices in Oslo. Kvaerner Verdal is the contract party, and the project management will be based at the company's specialised jacket-facility in Verdal in Mid-Norway.
This is also where fabrication will be performed, and where the assembly will take place from the first quarter of 2016. At peak, 350 Kvaerner employees will work on the project. It is expected that approximately 1 000 people in various supply and service companies will also be involved.
- Today's milestone also illustrates that this industry is well used to significant shifts in the market cycles, and that we are able to combine demand for immediate changes with long term development of the industry. It has taken several decades for Norway to build an industry which is internationally competitive. The oil and gas sector has been the main engine for delivering welfare to the society for generations. Provided that we continue to see sound frame conditions from the authorities, this industry will continue to be a key provider of both welfare and employment also to the children of those who are young today, concludes Haugan.
The parties will conduct a contract signing ceremony and press conference today at 11:00 AM at Rica Park Hotel Sandefjord.
Friday, 16 January 2015
Alexey Miller and Maros Sefcovic address issues of reliable gas supply to European consumers - 16/01/2015
Alexey Miller and Maros Sefcovic address issues of reliable gas supply to European consumers
The Gazprom headquarters hosted today a working meeting between Alexey Miller, Chairman of the Company’s Management Committee and Maros Sefcovic, European Commission Vice President for Energy Union.
The parties paid special attention to the execution of the Brussels Agreements on Russian natural gas supply to Ukraine until April 1, 2015. It was pointed out that Naftogaz of Ukraine had partially settled its debt to Gazprom, which enabled the Ukrainian company to resume Russian natural gas purchases.
Gazprom fulfills its obligations to the full and supplies natural gas to Ukraine on a prepayment basis according to daily requests of Naftogaz of Ukraine. At the same time, Naftogaz of Ukraine purchases less gas than provided for by the Brussels Agreements and withdraws it from its underground storages, which leads to a drastic reduction of gas reserves in the UGS facilities, that are insufficient for securely passing the winter period. Bearing in mind that the winter peak periods of gas consumption fall on late January and February, transit risks for European consumers remain in Ukraine.
Alexey Miller stressed that Gazprom had been a reliable supplier of natural gas to European clients for over 40 years. The Company systematically works on diversifying the energy supply routes. Nord Stream and Yamal – Europe demonstrate high reliability and efficiency of direct Russian natural gas deliveries.
Gazprom’s current efforts are aimed at creating a new gas pipeline to Turkey under the Black Sea. This project will provide for Russian natural gas supply in the amount of 50 billion cubic meters to the Turkish and Greek borders.
Wednesday, 14 January 2015
Plunging oil prices highlight need to rationalize decommissioning
With Brent crude falling to its lowest price in four years this week, operators are under immense pressure to streamline costs and offshore decommissioning and abandonment is one of the biggest areas in need of improvement, analysts said ahead of a major summit in Houston.
Brent for December settlement fell by as much as $1.11 to $81.23 a barrel on the ICE Futures Europe exchange this week, which is the lowest level seen since October 2010.
With US crude stockpiles increasing and OPEC member countries resisting calls to curb output, hydrocarbon supply looks set to stay one step ahead of global demand for the foreseeable future.
“Eighty-dollar-a-barrel oil creates a very tough situation for operators working in higher-cost and higher-risk scenarios, such as deepwater, and they’re under immense pressure to look at all aspects of operational costs,” said DecomWorld analyst, Philip Chadney.
“Traditionally, asset retirement has been seen as an afterthought, the unpleasant chore to be done when the party’s over,” said DecomWorld analyst, Philip Chadney. “But our work shows that there are big gains to be had in cost savings and efficiencies when operators plan now for decommissioning later.
“Smart operators are now setting their plugging and abandonment campaigns in the context of the whole asset lifecycle. This lets them capitalize and absorb advances in technique and process improvements so they can maintain tighter control on cost and predictability of outcome.”
DecomWorld’s 7th Annual Decommissioning & Abandonment Summit, to be held in Houston in March, explores the latest approaches to decommissioning TLPs, SPARs, FPSOs and fixed structures in deepwater.
Regulators and operators from the Gulf of Mexico, North Sea, Asia-Pacific, South America and Alaska will provide a unique global perspective on decommissioning and abandonment challenges and approaches.
Expanded track sessions will showcase specialists in well P&A, emerging environmental options, subsea infrastructure, pipelines, and cost estimation.
Attendees will be able to assess the state of decommissioning and abandonment around the world, and get cutting-edge approaches to the complexities presented by both shallow and deep water.
Workshops will examine how to develop reliable cost estimates for operators’ offshore portfolios that reflect the true cost of decommissioning by implementing robust cost estimation methodologies and techniques.
The latest technology for maximizing well P&A efficiency and ensuring regulatory compliance will be showcased.
More than 700 attendees will get have their say in the biggest live polling event in the decommissioning calendar, and get expert panel commentary on the findings to the most controversial decommissioning topics.
“The summit is the world’s biggest D&A networking and business development experience,” said Chadney. “Since deepwater represents the next major frontier for the industry, the insights on offer will be invaluable in setting a course for 2015 and beyond.”
Chadney said a key theme of this year’s event was getting beyond the view of decommissioning and abandonment as isolated activities. “We need to connect them with the entire asset lifecycle, from design to operations, to eradicate the legacy issues and maximize cost efficiencies,” he said.
He added: “It is widely known across the industry that the cost of decommissioning and abandonment is a major issue. Costs are difficult to estimate and can easily escalate beyond initial budgets. With oil prices so low, operators recognize that they need to examine every aspect of the operational mix, and decommissioning and abandonment is rising fast up the priority scale.”
More information about the sectors longest-running business intelligence event, taking place 17-19 March, can be found here: http://bit.ly/gomdecomsummit
Thursday, 8 January 2015
2015 to be year of well integrity, analyst says
With oil prices so low, operators can no longer put off developing an integrated approach to well integrity based on data management and shared best practice, an industry analyst has said ahead of a major conference on the topic.
“We’ve seen a definite sharpening in focus on well integrity over the past two years as operators face up to the fact that a partial or disjointed approach to this crucial issue has a big effect on their balance sheets,” said industry analyst Jamie Davies, of FC Business Intelligence.
“Figures suggest that since 2009, poor well integrity has cost operators globally over $75 billion, with Macondo, Elgin and Montara being the most publicized.
“When oil prices were up around $110 per barrel or more that may have been a cost operators felt they could absorb. Now, with the price down 30% since June, the unnecessary expense of well integrity negligence has really come under the spotlight.”
Davies said experts on the field are focussing their concerns on three major themes.
First, approaches to well integrity are disjointed, with not enough consideration being put into well integrity decisions during the initial stages of design and construction. This issue was highlighted earlier this year when founder of asset-integrity company Wood Group Intetech, Dr Liane Smith, told DecomWorld: “We’re called on to help a surprising number of clients with wells that are only weeks into production, which means they’ve been handed over with problems.”
Second, the majority of well integrity professionals are located in the well management or production teams, with integrity issues generally being dealt with during the operational stages of the well only. Industry is starting to move to a point where quality assurance models and integrity management strategies are being implemented at the design stages, but progress is slow.
Third, the opportunities for maximizing control through data capture and analysis is starting to make an impact. Evidence for this came last month when Schlumberger announced a new well integrity service to help operators evaluate zonal isolation by gathering in real-time drilling, cementing and well logging data. Called Invizion Evaluation, the service evaluates drilling surface parameters, formation rock properties, cement barrier placement, and cased hole cement.
The 2nd Annual Well Integrity and Lifecycle Digitalization Conference, taking place in April in Houston, is aimed at helping operators define an integrated and data-driven approach for well integrity governance, enhanced production and continued compliance.
Experts from top operators will be speaking, including: Marco op de Weegh, Well Control & Design Integrity Team Lead, Unconventionals, Shell; Valerie Wilson, Well Integrity Lead, ConocoPhillips; and Claudio Castaneda, Well Integrity Team Lead, EQUION Energia.
Attendees will hear industry-expert presentations from, among others, Ronald Sweatman, Oil & Gas Advisor, Baker Hughes; Pavel Shaposhikov, Well Integrity Domain Champion, Schlumberger; and Robello Samuel, Drilling Technology Fellow, Halliburton.
Exclusive case studies will be presented on sustained casing pressure modelling, corrosion management and mitigation, wellhead fatigue and integrated data management and well monitoring.
“Well integrity has always been paramount to successful oil and gas operations because it drives efficiency throughout the entire lifecycle, from design and construction to plugging and abandonment,” said FC Business’s James Davies. “Traditionally it has not received the levels of investment which you would expect for such a key focus area, but I think that, with all that has happened in the last several years, 2015 will see well integrity come into its own.”
For more information, visit: http://bit.ly/well-integ-digitalization
Awards contracts for services at seven coastal bases
Statoil has awarded the service contracts for seven bases for the company in Norway. These contracts have been awarded to NorSea Group AS, Saga Fjordbase AS and Asco Norge AS.
Mongstad is one of seven bases included in the service contracts awarded on the 7th January 2015.
The contracts awarded include terminal and warehouse services as well as storage and pipeline handling.
Astrid Sørensen, SVP for operations in Statoil
The contracts, which in total are valued at roughly NOK 5 billion over a 10-year period, will therefore ensure a high level of activity and value creation over a lengthy period.
“Services at all seven bases in Norway have for the first time been subject to tender at the same time, and it has been good to see many companies making bids. The results of the tender establish the basis for safe and efficient operations at Statoil’s coastal bases in the years ahead,” adds Sørensen.
NorSea Group AS has been awarded the contract for terminal and warehouse services, plus storage and pipeline handling, at Dusavik in Rogaland, Kristiansund in Møre and Romsdal and Hammerfest in Finnmark, as well as terminal and warehouse services at Mongstad and Ågotnes in Hordaland and warehouse services, plus storage and handling of pipelines in Florø in Sogn and Fjordane.
Saga Fjordbase AS has landed the contract for terminal services at Florø in Sogn and Fjordane, while Asco Norge AS has been awarded the contract for terminal and warehouse services, plus storage and pipeline handling, at Sandnessjøen in Nordland.
“In addition, Statoil is taking several steps to increase the efficiency of the logistics chain between the coastal bases and our offshore installations. We will be achieving considerable economies of scale and synergies by introducing new sailing schedules for the supply of our offshore installations and a greater degree of specialisation at the different bases in the forthcoming contract period. The aim is to ensure long-term activity and value creation on the Norwegian continental shelf,” Sørensen says.
The contracts will have a duration of six years and will start up on 1 July 2015. They also include options for an extension of two plus two more years, so that they will have a duration of 10 years should all the options be exercised.
Jon Arnt Jacobsen, SVP for the supply chain
"These new base contracts will make a significant contribution here,” says Jon Arnt Jacobsen, Statoil supply chain senior vice president.
Wednesday, 7 January 2015
Helix, OneSubsea And Schlumberger Execute Subsea Well Intervention Alliance Agreementelix Energy Solutions Group, Inc. (NYSE: HLX), OneSubsea®, a Cameron (NYSE: CAM) and Schlumberger (NYSE: SLB) company, and Schlumberger announced today the execution of the definitive agreements for the companies' non-incorporated alliance, formed to develop technologies and deliver equipment and services to optimize the value chain of subsea well intervention systems.
The alliance combines the expertise and capabilities of the three companies to provide a unique offering, integrating marine support with well-access equipment and control technologies. The alliance is focused on increasing the operating envelope of today's subsea intervention technology, which will offer clients an integrated approach to achieve simpler and more cost-effective intervention solutions. Primary objectives include the expansion of applications enabled by subsea well-access technology, specific solutions for deep and ultra-deepwater basins and higher well pressure environments, and the evolution of Helix's vessels to provide well intervention and additional support services such as well commissioning, artificial lift support, and abandonment, which are traditionally performed using drilling rigs.
Helix is a leading subsea well intervention provider, with the largest fleet size of well intervention vessels, and an unequalled track record in cost-effective subsea well intervention. OneSubsea, a preeminent solution provider for subsea well control, with a global footprint of executed major projects, has significant experience in the manufacture and supply of subsea well intervention equipment and services. Schlumberger is the world's leading supplier of technology and services to the oilfield, including conveyance systems and in-well technologies for subsea applications.
Helix President and Chief Executive Officer, Owen Kratz said, "The future for subsea well intervention and the value creation it brings is still in the early stages of growth, and the potential for pioneering additional methods for value creation is significant. I believe that the challenges for creating the technology and delivering it efficiently to the well in a manner that is safe and protects the environment is best achieved by this collaboration of skill sets from OneSubsea, Schlumberger, and Helix.
We are excited about the possibilities."Cameron Chairman and Chief Executive Officer, Jack Moore stated, "This alliance represents a real advance in subsea intervention. Bringing together OneSubsea, Helix and Schlumberger capabilities will deliver simpler, more cost effective and more efficient intervention solutions, all through a single, collaborative approach to ensure our clients are benefitting from the technologically advanced solutions the alliance will be able to offer."
Schlumberger CEO Paal Kibsgaard commented, "We are extremely pleased to complete the well intervention alliance with OneSubsea and Helix. We are now uniquely positioned to drive further integration of our leading technology portfolio, backed by improved reliability and greater efficiency, to create a step-change in performance throughout the E&P value chain."
Monday, 5 January 2015
Suretank announces acquisition of Prior Diesel
Dunleer, Ireland and Great Yarmouth, UK
Suretank, the world's leading provider of engineered solutions to the offshore oil and gas industry, today announced the acquisition of Prior Diesel, an oil services company based in the thriving oil and gas centre of Great Yarmouth, UK. The acquisition was made with the support of Ulster Bank’s Corporate and Institutional Banking team.
Prior Diesel Limited has served the oil and gas, marine and industrial sectors since 1980, with an established reputation in the design, manufacture and servicing of a wide range of well service equipment including nitrogen pumps, specialist skids, coil tubing and wireline units.
In addition to its strong well service operation, Prior Diesel represents and supplies many leading diesel engine manufacturers as well as offering packaged solutions such as Zone II powerpacks, Power Generation sets and Hydraulic powerpacks. All of its new products are supported by thriving Service and Parts departments that specialise in Engine rebuilding, maintenance contracts and supplying components for most of the leading engine, transmission, pump and equipment manufacturers.
During its 30 year history Prior Diesel has established strong relationships with many of the world’s leading oil service companies both in the North Sea and beyond.
Joint Managing Directors of Prior Diesel, Chris Conroy and Gordon MacLean, together with founder and Chairman Archie MacLean, will remain with the business.
"This new strategic relationship with Suretank is an exciting and important move for Prior Diesel,” explained Chris Conroy. “It represents an opportunity for the business to grow and develop into new markets by taking advantage of Suretank’s strong global presence and marketing reach to strengthen our brand and reputation.”
Gordon MacLean added: "With our worldwide reputation for quality engineering and first class customer service, combined with a highly skilled experienced team, we have a very clear fit with Suretank."
John Fitzgerald, CEO at Suretank added: "We are delighted to welcome Prior Diesel into the Suretank family as we continue to develop Suretank as the leading global provider of engineered solutions to the offshore oil and gas industry with the support of Ulster Bank. It will be business as usual - only better - at Prior Diesel. We do not anticipate any changes in how we do business operationally, but will continue to strive to strengthen and develop all aspects of Prior Diesel’s customer centered solutions.
"We welcome on board a group of passionate and experienced professionals at Prior Diesel who have built a reputation for delivering quality customer led solutions, that share our belief in global opportunities and our commitment to the highest standards of customer service, product safety and quality to our many respected clients in the offshore industry,” continued John Fitzgerald.
Suretank is a global leader in the supply of tanks and CCUs (Cargo Carrying Units) to the offshore oil and gas industry. The company has design and manufacturing facilities in Ireland, Brazil, China, the Netherlands, Poland, Thailand, UK and USA as well as sales offices in Australia, Malaysia, Nigeria and Norway.
Suretank’s product range includes chemical and acid tanks, helifuel tanks, offshore containers, baskets, mudskips and cryogenic tanks. Suretank’s customer base includes most of the leading service, rental, exploration and production companies in the offshore industry. Suretank products are found worldwide, including North Sea, West Africa, Gulf of Mexico, Brazil, Canada, Caspian, Sakhalin, India, Australia, Middle East and the Far East.